Crypto 101: How to Transfer Coins to the Osmosis Network to Skin In the Game.
Osmosis Network is seen as the liquidity hub for the Cosmos network. This article will guide the transfer of coins & tokens to Osmosis to find potential investment opportunities in the Cosmos ecosystem in general and the Osmosis ecosystem in particular.
What is Osmosis Network?
Osmosis Network is a Cosmos-based DPoS blockchain that was created with Tendermint and the Cosmos SDK, an application specifically designed to execute an AMM. Users can exchange (Swap) and add (Add Liquidity) two tokens using Osmosis at various rates.
With more and more projects in the Cosmos network integrating IBC, tokens of different hubs & zones can move between each other easily. As a pioneer, Osmosis is becoming the leading cross-chain AMM on the Cosmos network and has great potential to become the liquidity hub of the entire Cosmos network.
What are the preparation steps to transfer coins to Osmosis Network?
In this article, I will guide you to transfer Coins from Binance to Osmosis to find investment opportunities. Here are a few things you need to prepare in advance:
- Binance exchange account to buy & sell coins.
- Cosmos & Keplr Extension wallet address working on Osmosis network.
- Osmosis & Keplr Extension wallet address working on Osmosis network.
Follow the instructions below to create a Keplr Extension wallet:
Step 1: Download Keplr Extension here.
Step 2: Create an account with Keplr, there are two ways to create an account on Keplr:
- Select Sign in with Google to create a wallet account with your gmail address (supported by a third-party Torus).
- Select Create new account to create a new wallet with seed phase (you need to store the seed phase or private key in a safe place so that if necessary, you can use it to restore the wallet).
I will create a wallet in the second way, which is Create new account.
After clicking, a new window will open and ask you to give your account a name, then view and confirm the seedphase → Select Register.
So you have prepared the necessary wallets for the process of transferring capital!
How to deposit and withdraw coins to Osmosis
The process overview will go through 3 main steps like this:
- Buy top-up funds on Binance and buy ATOM.
- Withdraw ATOM from Binance to Keplr wallet.
- Convert ATOM (Cosmos Network) to ATOM (Osmosis Network).
Step 1: Buy ATOM on Binance
First, you buy ATOM on the Binance exchange. Currently, on Binance, there are 9 trading pairs with ATOM, in which big pairs such as ATOM/BTC, ATOM/BUSD, ATOM/USDT, you can choose the right trading pair for you.
Step 2: Withdraw ATOM to Keplr wallet
Next, please withdraw the ATOM you just bought on Binance to the ATOM wallet you just created on Keplr.
Note, you must fill in the MEMO that the exchange requires to avoid losing ATOM. After the final check, you confirm the ATOM withdrawal process, the ATOM withdrawal process on Binance will take a few minutes to perform.
Step 3: Transfer ATOM to Osmosis Network
Visit the website: https://app.osmosis.zone/assets
Select Connect Wallet and use Keplr wallet to connect to Osmosis dapp. Then select the number of ATOMs you want to transfer onto the Osmosis protocol and press “Deposit” button
Note: Osmosis will default Chain to the pair you want to transfer. In the picture below you can see the ATOM (Cosmos Network) being transferred to the ATOM (Osmosis Network)
Frequently asked questions when transferring coins via Osmosis
Here are a few things to keep in mind when transferring money via Osmosis:
Is it possible to use Metamask on Osmosis?
No! Currently, you can only use Keplr Extension to access Osmosis.
How long do Osmosis withdrawals take in total?
Depending on the conditions of the parties involved (Binance, Terra & Osmosis exchanges), the total transfer time will take from 10 – 20 minutes according to the process I instructed above.
What are the fees involved in transferring funds to Osmosis?
Binance exchange withdrawal fees and transaction fees of Osmosis Blockchain.
Why use ATOM to migrate to Osmosis?
After the collapse of UST, Osmosis currently only supports 2 stablecoins, USDC and DAI. However, current exchanges do not support the conversion of these two tokens via Keplr wallet. Therefore, using ATOM will be the fastest method at the moment.
Where can I report bugs and provide product feedback?
Coin standardization process via Osmosis through many intermediaries. So, if you get stuck somewhere, you will contact the support team of that place.
I hope the above content will help you to have easier access to Osmosis, as well as find good investment opportunities in the Osmosis ecosystem. If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.